Note 7 – Debt

Outstanding debt at September 30, 2016 and December 31, 2015 is summarized as follows (in thousands):

	September 30, 2016		December 31, 2015
Current:
Related party debt		1,090		1,721
		1,090		1,721
Non-current:
Related party debt	460			—
Third party debt		—		2,500

Total debt	$	1,550	$	4,221

The Company entered into a loan with an unrelated party (the “Third Party Debt”) during 2014 for a principal amount of $2.5 million. The loan bore interest at 6% and had an original maturity date of January 15, 2015. In December 2014, the maturity date was extended to January 15, 2016 at the same interest rate, and in the first quarter of 2016, the maturity date was further extended to January 15, 2017 at the same interest rate. The Third Party Debt was not subject to any covenants or conditions.

In July 2016, the Company repaid $2.5 million of outstanding principal, plus accrued interest, on the Third Party Debt, and terminated the loan agreement with the third party.

The Company entered into a related party loan (the “Street Capital Loan”) with Street Capital Group Inc. (“Street Capital”) in 2003. The Street Capital Loan accrued interest at 10% per annum compounded quarterly from the date funds were advanced. In 2014, following Street Capital’s distribution of its ownership interest in HGI to Street Capital shareholders as a dividend in kind, the unpaid balance of the Street Capital Loan began accruing interest at a rate per annum equal to the lesser of the Wall St. Journal (“WSJ”) prime rate + 2.0%, or the maximum rate allowable by law.

In the third quarter of 2016, following an amendment to the Street Capital Loan began accruing interest at a rate per annum equal to the WSJ prime rate + 1.0%. The Company also agreed to a monthly payment schedule to begin in the first quarter of 2017. Additionally, the Company repaid $0.8 million of outstanding principal in connection with the amendment. As of September 30, 2016 and December 31, 2015, the interest rate on the loan was 4.50% and 5.50%, respectively. As of September 30, 2016 and December 31, 2015, amounts owed to Street Capital under the Street Capital Loan were $1.0 million and $1.7 million, respectively. Please see Note 10 for further discussion of transactions with Street Capital.

In the first quarter of 2016, the Company entered into a related party loan with a trust controlled by certain executive officers of the Company. The Company received proceeds of $0.4 million. The loan accrued interest at 10% per annum and was payable within 90 days of the loan date. The Company repaid the loan plus accrued interest in March 2016.

In the third quarter of 2016, the Company entered into a related party loan with an entity owned by certain executive officers of the Company, and the Company’s Chief Executive Officer. The Company received proceeds of $0.7 million. The loan accrues interest at 10% per annum and is payable within 180 days of the loan date. The Company repaid $0.1 million of principal in September 2016. As of September 30, 2016 and December 31, 2015, amounts owed under the loan were $0.6 million and $0, respectively.